DefiLlama, a prominent platform that offers transparent analytics in the decentralized finance (DeFi) sector, has made an announcement that Bitcoin has climbed its way into the top 10 chains in terms of total value locked (TVL).
Bitcoin now holds the 9th position on the list, with a TVL of $1.146 billion. This achievement brings Bitcoin just $400 million away from reaching the 6th spot. The current holder of the 6th position is Base, which encompasses 276 protocols.
The top 10 chains by TVL today are as follows: Bitcoin has secured the 9th spot, and it is only $400 million away from reaching the 6th position.
pic.twitter.com/ycKxfokegQ
— DefiLlama.com (@DefiLlama)
May 18, 2024
While Ethereum continues to dominate the DeFi market, leading by a significant margin with a TVL of $55.173 billion, Bitcoin has made a significant entry into the top 10. Tron follows Ethereum with $8.753 billion, and Binance Smart Chain (BSC) is in the 3rd spot with $5.247 billion. Solana and Arbitrum round out the top five with $4.695 billion and $2.763 billion in TVL, respectively.
Here is the detailed list of the top 10 chains by TVL:
1. Ethereum: $55.173 billion
2. Tron: $8.753 billion
3. Binance Smart Chain (BSC): $5.247 billion
4. Solana: $4.695 billion
5. Arbitrum: $2.763 billion
6. Base: $1.574 billion
7. Blast: $1.569 billion
8. Merlin: $1.205 billion
9. Bitcoin: $1.146 billion
10. Avalanche: $990.46 million
Bitcoin’s entry into the top 10 is a significant milestone, indicating the growing interest and investment in its DeFi ecosystem. With Bitcoin gaining momentum, it has the potential to surpass other chains in the future.
Bitcoin’s surge in DeFi highlights the shifting trends in the cryptocurrency landscape. Non-DeFi-centric blockchains like Bitcoin are now making substantial progress in the DeFi sector. This trend showcases the increasing versatility and adoption of Bitcoin beyond its original purpose as a store of value and medium of exchange. However, the Merlin and Blast chains have surprised critics in 2024 with their astonishing performance.
As the DeFi ecosystem expands, platforms like DefiLlama play a crucial role in providing insights into the distribution of value across different blockchains. Bitcoin’s rising TVL demonstrates its robust security, widespread recognition, and the growing range of financial products and services being built on its network. As Bitcoin’s dominance grows, so does people’s trust in it. The crypto community is closely observing Bitcoin’s progress and the potential shifts in the DeFi rankings in the coming months.
